Xiaomi Will Open Over 2,000 New Stores Worldwide Over Next Three Years

Xiaomi plans to open more than 2,000 new stores around the world over the next three years.

Xiaomi's vice president Wang Xiang revealed during an interview reported in Chinese media. Wang is in charge of Xiaomi's global strategy, and he said half of those new stores will be opened in China and owned by Xiaomi; while the other half will be opened abroad and operated by its partners.

This is a part of Xiaomi's overseas growth strategy. Xiaomi will become a global company and consumers will be able to see it in nearly every country, said Wang. In 2017, Xiaomi has already expanded into Russia, UAE and Egypt and the company started localized production in India and Indonesia. Wang revealed that the company plans to put more efforts in Southeast Asia and Eastern Europe.

In addition, though Xiaomi's low-price products may be more attractive in developing countries, the Chinese company also plans to enter Western European countries.

According to Wang, apart from building brand awareness in overseas markets, the company needs to solve problems brought by its product pricing. He said in normal conditions, low price indicates poor quality. However, Xiaomi intends to prove that a consumers does not need to spend a lot of money to buy high-quality products. This is the biggest challenge the company is facing.